A few key takeaways:

• Bitcoin treasuries now hold nearly one-third of bitcoin supply: Centralized treasuries—including governments, ETFs, and public companies—now control 30.9% of the circulating supply of bitcoin, signaling a growing shift toward institutional-grade infrastructure.
• Centralized exchanges, ETFs and derivatives dominate transfer volume: Centralized exchanges, U.S. spot crypto ETFs, and regulated derivatives platforms now account for more than 75% of bitcoin’s adjusted transfer volume, a notable increase from previous years.
• Volatility has trended downward: As adoption has broadened, particularly across sovereign and regulated financial entities, annualized realized volatility across all time frames has declined consistently since 2018. Although bitcoin remains a risk-on asset, its integration into traditional finance has made price action more consistent and less driven by speculative extremes.
• How the Strategic Bitcoin Reserve could impact BTC: For sovereign allocators like the Strategic Bitcoin Reserve, $1 invested has the potential to generate up to $25 in short-term market cap expansion—and ~$1.70 in long-term structural value.

Full report here